FAQs

  • What are logbook loans?

A logbook loan is a short term, secured loan where you can get cash against your vehicle. If you have any vehicle registered under your name you can use it as collateral to take a logbook loan.

  • What should be my credit rating for logbook loan approval?

There are no credit checks done for logbook loans. Hence, you don’t need to worry about your credit history and rating. A logbook loan can be availed against your vehicle.

  • Why should I apply for a logbook loan?

There are times when you become a loan defaulter and your credit rating goes down. Banks don’t see why you defaulted on a loan payment. For them you are a risky customer. In such circumstances all or most banks will reject your loan application.

If you have a serious financial crunch and need money banks will not help you. This is when you should apply for a logbook loan. This loan is based on the ownership of your vehicle. There are no credit checks and you can pay off your loan under very flexible terms and conditions.

  • Am I eligible for a logbook loan?

You are eligible for a logbook loan if you are a resident of the UK and at least 18 years of age. You also need a vehicle that is legally registered in your name.

  • What documents do I need to submit?

You need to submit the following documents.

    • The log book of your vehicle
    • The vehicle MOT certificate
    • The vehicle tax certificate
    • The vehicle insurance certificate
    • Proof of identity
    • Proof of residence
    • Proof of income (pay stubs if you are a working professional and bank statement if you are self employed)

You should get your vehicle along with you for inspection when you visit your lender for an appointment.

  • Are my details safe with you?

Your details are completely safe with us and only used for contacting you. We are not in the business of selling customer data.

  • Which vehicle types are eligible for getting a logbook loan?

Almost all vehicles are accepted including cars, trucks, vans and motorcycles. However, different lenders have different policies. You will come to know about this after you apply online and quotes are presented to you.

  • What happens to my vehicle after my logbook loan gets approved?

You can continue using your vehicle throughout the loan period. The lender only retains the V5 log book of your vehicle for the entire duration of the loan. However, you must ensure that you continue to make the payments regularly.

  • What if something happens to my vehicle during the loan period?

It is your responsibility to maintain your vehicle in proper condition. The lender is not liable for any damages caused. This is the reason all the lenders prefer vehicles that are fully insured.

  • How do I find out about the best loans available in the market?

We are in the business of getting the best logbook loans for you. Apply online on our website and we will find the best logbook loan deals for you. Quotes from different lenders will be presented to you. You have all the rights to compare these quotes and choose your lender.

  • What is the maximum amount that I can borrow?

Different lenders have different policies regarding the maximum loan amount. Typically you can borrow an amount between £500 and £50,000. For calculation purposes you can consider 50% of the present value of your vehicle.

  • What is the rate of interest for logbook loans?

APR for logbook loans is higher than standard loans and the rate differs from lender to lender. All the lenders are required to display the representative APR on their websites. The representative APR displayed cannot be less than what a lender expects 51% of its customers to pay as ROI.

  • How soon can I expect to use the money?

In a perfect situation your loan will be approved within an hour of application. But it is safe to assume that your loan will be approved and the money transferred to your account within 24 hours of your loan application. In certain cases some more time may be taken by the lender.

  • How can I spend the money?

You can spend the money anyway you like. However, since logbook loans are expensive loans we recommend you only use the money for emergency purposes.

  • What is the repayment period?

The repayment period differs from lender to lender and the amount borrowed. The repayment period can vary from a few weeks to a few years. For standard purposes you can assume the repayment period to be between 12 and 48 months.

  • What if I cannot make an instalment payment?

There can be a situation where you are unable to make an instalment payment. It is recommended that you get in touch with the lender before the payment due date. Your lender will help you with an alternative arrangement.

  • What happens to my vehicle if I default on my logbook loan?

If you default on your logbook loan your vehicle may be repossessed by the lender and auctioned. If the auctioned amount is less than the current loan balance you may be held liable for the excess amount.

  • Is it mandatory to take a loan after getting quotes?

You are free to take quotes without making any commitment.

  • What are the charges for using your service?

Our service is completely free of cost for you. Our objective is to help customers like you that are in dire need of immediate cash.

  • What is the catch in the service that you provide?

There is no catch or fine print in the service that we provide to you. Please use our loan comparison service without fear. You are under no sort of obligation whatsoever.